Analysts Set Red Rock Resorts, Inc. (NASDAQ:RRR) Target Price at $65.64

Shares of Red Rock Resorts, Inc. (NASDAQ:RRR) have received a consensus recommendation of “Moderate Buy” from the fifteen brokerages that are currently covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $66.4286.

RRR has been the subject of a number of research reports. Truist Financial set a $75.00 price target on shares of Red Rock Resorts in a research note on Tuesday. Stifel Nicolaus set a $68.00 target price on Red Rock Resorts and gave the stock a “buy” rating in a report on Monday, November 3rd. Wells Fargo & Company started coverage on Red Rock Resorts in a research note on Tuesday, November 18th. They issued an “equal weight” rating and a $58.00 target price for the company. Susquehanna lifted their price target on Red Rock Resorts from $68.00 to $69.00 and gave the company a “positive” rating in a research report on Wednesday, October 29th. Finally, Zacks Research cut Red Rock Resorts from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th.

Institutional Trading of Red Rock Resorts

A number of hedge funds have recently made changes to their positions in RRR. AQR Capital Management LLC bought a new position in Red Rock Resorts during the 1st quarter valued at approximately $308,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Red Rock Resorts by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,272 shares of the company’s stock worth $1,270,000 after acquiring an additional 1,282 shares in the last quarter. Millennium Management LLC grew its stake in shares of Red Rock Resorts by 56.2% in the first quarter. Millennium Management LLC now owns 430,150 shares of the company’s stock worth $18,656,000 after acquiring an additional 154,839 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Red Rock Resorts by 4.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 106,275 shares of the company’s stock valued at $4,609,000 after acquiring an additional 4,699 shares in the last quarter. Finally, Baron Wealth Management LLC purchased a new position in shares of Red Rock Resorts in the 2nd quarter worth about $775,000. 47.84% of the stock is owned by institutional investors.

Red Rock Resorts Stock Performance

NASDAQ:RRR opened at $63.03 on Thursday. The stock has a market cap of $6.67 billion, a P/E ratio of 20.07, a price-to-earnings-growth ratio of 2.69 and a beta of 1.50. The firm’s fifty day simple moving average is $60.01 and its 200 day simple moving average is $59.05. Red Rock Resorts has a twelve month low of $35.09 and a twelve month high of $64.69. The company has a quick ratio of 0.70, a current ratio of 0.75 and a debt-to-equity ratio of 10.11.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings data on Tuesday, October 28th. The company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.36 by $0.32. The business had revenue of $475.57 million during the quarter, compared to analyst estimates of $477.25 million. Red Rock Resorts had a net margin of 9.52% and a return on equity of 59.86%. The company’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.48 EPS. As a group, research analysts predict that Red Rock Resorts will post 1.76 EPS for the current year.

Red Rock Resorts announced that its Board of Directors has authorized a share buyback program on Tuesday, October 28th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 4.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.

Red Rock Resorts Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were given a $0.26 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.7%. This is a boost from Red Rock Resorts’s previous quarterly dividend of $0.25. Red Rock Resorts’s payout ratio is currently 33.12%.

About Red Rock Resorts

Red Rock Resorts, Inc (NASDAQ: RRR) is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company’s flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.